Western Alliance Bancorporation (NYSE:WAL) Shares Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. reduced its stake in Western Alliance Bancorporation by 11.7%, selling 6,156 shares and now holding 46,554 shares valued at approximately $3.58 million.
• Several institutional investors significantly increased their holdings in Western Alliance Bancorporation, including Bank of Montreal Can, which boosted its position by 973.1%.
• Western Alliance Bancorporation reported $2.07 earnings per share (EPS) for the latest quarter, surpassing analysts' expectations of $2.04, alongside a revenue of $836.21 million.

Envestnet Asset Management Inc. reduced its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 46,554 shares of the financial services provider's stock after selling 6,156 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Western Alliance Bancorporation were worth $3,577,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WAL. OneDigital Investment Advisors LLC grew its position in shares of Western Alliance Bancorporation by 12.8% during the first quarter. OneDigital Investment Advisors LLC now owns 8,206 shares of the financial services provider's stock worth $630,000 after buying an additional 930 shares in the last quarter. D.A. Davidson & CO. raised its position in Western Alliance Bancorporation by 2.9% in the 1st quarter. D.A. Davidson & CO. now owns 6,056 shares of the financial services provider's stock valued at $465,000 after purchasing an additional 169 shares during the last quarter. Teacher Retirement System of Texas raised its stake in Western Alliance Bancorporation by 60.3% during the 1st quarter. Teacher Retirement System of Texas now owns 24,448 shares of the financial services provider's stock valued at $1,878,000 after acquiring an additional 9,200 shares during the last quarter. New York State Teachers Retirement System grew its position in Western Alliance Bancorporation by 24.9% in the 1st quarter. New York State Teachers Retirement System now owns 25,387 shares of the financial services provider's stock valued at $1,950,000 after buying an additional 5,056 shares during the last quarter. Finally, KBC Group NV lifted its position in Western Alliance Bancorporation by 12.5% in the first quarter. KBC Group NV now owns 4,940 shares of the financial services provider's stock valued at $380,000 after purchasing an additional 547 shares during the period. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Trading Down 1.5%

Shares of NYSE WAL traded down $1.20 during midday trading on Wednesday, hitting $79.14. The stock had a trading volume of 750,726 shares, compared to its average volume of 1,089,550. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.95. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10. The company has a market capitalization of $8.74 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 0.56 and a beta of 1.29. The company has a fifty day moving average price of $77.71 and a 200 day moving average price of $78.25.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. The firm had revenue of $836.21 million for the quarter, compared to analyst estimates of $838.58 million. During the same quarter last year, the firm posted $1.75 earnings per share. On average, analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Thursday, May 15th. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 19.97%.

Insider Activity at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of the stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the sale, the insider owned 24,759 shares in the company, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a report on Monday, July 21st. DA Davidson upped their price objective on Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Barclays lifted their price objective on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada decreased their price target on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. Finally, Wall Street Zen raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Wednesday, May 21st. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

About Western Alliance Bancorporation

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.